Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

How to get Capital One charges to register in our checking account?

We use our Capital One CC for all purchases and bill paying (to maximize our points). We treat our Cap One card as a debit card and or a check. So all things purchased on our CC, we log as a purchase in our checking acct then we pay the bill at the end of the month...(we have an old version of Quicken). We treat all purchases on the CC as cash in our checking acct.
So how do we link our CC purchases to charge our checking acct?

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭
    No.  You should be entering them into a separate credit card account.

    Just in case you are doing it the wrong way,

    The proper way is to set up a credit card ACCOUNT and enter the charges into it when the purchase is made and assigning it to a category. Then when you pay the bill you TRANSFER the payment from your checking account to the credit card account. Then when you download the payment from the bank you match it to the one you already entered.


    When you enter the payment in your checking account you put the credit card account name in for the category using square brackets around the name to indicate it is a transfer...like this… [credit card] or newer versions have a Transfer column.


    I used to do it the wrong way for years!  Then I wised up and now enter them properly. I would split my credit card payment into all the categories on one transaction in my checking account. And since I always pay more than the bill I would need to figure the difference and put it to another category.  But then I needed to have them entered on the date the charges actually happened. So I finally set up a credit card account. It makes it much easier to enter and balance!



  • splasher
    splasher SuperUser ✭✭✭✭
    If you are doing it this way so that you know that you always have enough money in checking to pay the bill at the end of the month, do as @volvogirl suggests, record the CC charges in a CC account in Quicken and create a report that only includes those two accounts, that way you can see the combination of them and your hopefully positive balance.
    Another way is to just compare the two balances shown on the account bar, if checking is greater the CC, then you have it covered.
    -splasher  using Q since 1996 -  Subscription  -  Win10
    -also older versions as needed for testing
    -Questions? Check out the  Quicken Windows FAQ list
Sign In or Register to comment.